Piraeus Bank S.A. (hereinafter, “the Bank”) received the highest possible rating from Sustainable Fitch for its June 2026 Green Bond Program, reinforcing its role in financing Greece’s transition to a lower-carbon economy.
Sustainable Fitch assigned the Program an “Excellent” rating and confirmed that it is fully aligned with the International Capital Market Association (ICMA) 2025 Green Bond Principles, the leading international standard for green bond issuance.
To date, Piraeus Bank has issued four green bonds totaling €2.15 billion, underscoring its steadfast and strong commitment to sustainability. Approximately €1.2 billion of the net proceeds from the Bank’s outstanding green bonds have already been allocated to eligible green projects, confirming the effective use of these funds for environmentally sustainable investments.
Christos Megalou, CEO of Piraeus Bank, stated: “Climate risk is now a real economic issue and not merely an environmental one. In Greece, climate-related challenges are shaping investment needs in the energy and infrastructure sectors.
Our Green Bond Program is designed to mobilize capital for this transition by supporting projects that contribute to decarbonizing the economy, adapting to climate change, and strengthening its resilience. The “Excellent” rating from Fitch Ratings is a significant recognition of this approach.”
The update to the June 2026 Green Bond Program reflects evolving capital market practices, regulatory developments, and the Bank’s strengthened sustainability strategy.
The Program defines eligible green investments in the sectors of renewable energy, energy efficiency, green buildings, and clean transportation, supporting the transition to a low-carbon economy and the Bank’s goal of achieving carbon neutrality by 2050.
The Program also includes a clear commitment that at least 10% of bond proceeds will be directed toward projects aligned with the European Taxonomy, while the Bank seeks, to the extent possible, to align the financed assets with the Substantial Contribution Criteria and the “Do No Significant Harm” principle of the European Taxonomy.
Projects financed under the Program are expected to contribute to key United Nations Sustainable Development Goals (SDGs), such as Goal 7 on affordable and clean energy, through the promotion of renewable energy sources and energy efficiency; Goal 9 on industry, innovation, and infrastructure, through sustainable investments; Goal 11 on sustainable cities and communities, through the promotion of green buildings and sustainable transportation solutions, as well as Goal 13 on climate action, by reducing greenhouse gas emissions and addressing climate change.
Piraeus Bank continues to strengthen its position in sustainable finance, in line with its 2026–2030 strategy aimed at profitable growth and support for the Greek economy, the announcement continues. The “Excellent” rating from Fitch Ratings, combined with the Bank’s presence in the green bond market, underscores its commitment to financing the transition to a low-carbon economy and creating long-term value for its shareholders.